He Works For Me.....I'm Doomed

There is a great web site based in the UK called TheyWorkForYou.com. Its based on the idea that the MP's who we elect should be responsible to us and so we should know what they get up to. Great idea, I have an alert set up so that if my local MP, Barry Sherman, says anything in Parliament i'm emailed what he says.

So given that the great issues of the day are that Lord Levy the Prime Ministers personal friend, his personal envoy to the Middle East and Labour Party fund raiser is arrested. This is in connection with allegations for cash for honours. Also two other Cabinet Ministers have also been questioned on the subject.

The Middle East goes from "bad" to "worse" to "oh my god! we are all going to die."

So I get an email today alerting me to the fact that Barry Sherman has spoken twice. Given the huge and weighty world events that are happening I assume that my MP has some calming and wise words.

First in answers to Treasury Questions we have:

Barry Sherman

What steps he is taking to improve the regulation of the London-based operations of non-EU European banks?

Edward Balls (Economic Secretary, HM Treasury)

The Financial Services Authority regulates all non-EU banks operating in the UK under the Financial Services and Markets Act 2000. That includes the regulation of prudential standards, conduct of business, liquidity and financial crime. The Government and the FSA work closely together to ensure that the regulation of the banking sector is effective, well focused and up to date with current market practice.

Barry Sherman

Will my hon. Friend stop dodging and diving on this one? I have been trying to get some protection for constituents of mine, who believed that when they allowed assets to be managed by a Swiss bank that had opened a London office, they had the same protection as customers of other banks, and that European directives would apply. Pictet Asset Management does not conform to those rules. Is it not about time that Swiss banks were regulated properly in this country?

Edward Balls (Economic Secretary, HM Treasury)

The Financial Services Authority regulates all banks operating in the UK in relation to financial crime and all other matters, including Swiss subsidiaries and branches, under existing legislation. I would say to my hon. Friend that I have been in this job for eight weeks, and this is the first time that we have had a conversation on this subject. I am happy to look into it in detail, but as I said, this is the first time that we have had the opportunity to discuss it. If he would like to meet, I will be happy to do so and provide him with all the reassurance he needs that the FSA is doing a good job, including with Swiss banks and subsidiaries.

Second, during the business of the House we get the following wisdom:

Barry Sheerman:

May I remind my right hon. Friend that today- 13 July-is
the birth date of John Clare, one of our greatest English poets? Many
regard Clare as one of the greatest English poets of the countryside
and the environment. Would not it be appropriate to hold an early
debate after the recess about the Education and Skills Committee report
on the value of out-of-school education? We expect...

Well thats put the world to rights then............